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Curry's tricky balancing act at OCC

Thomas Curry’s efforts to rebuild the currency agency’s image have come a long way. | Reuters

He has also looked to make changes to its culture.

In an email to staff in November, he outlined a seven-point plan to strengthen the agency, including building morale, retaining top talent and diversifying funding so the agency doesn’t have to rely solely on assessments from the banks it regulates.

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He created a process for examiners — whose concerns were sometimes sidelined under previous regimes — to take their concerns directly to the comptroller’s office. And earlier this month, he promoted the agency’s ombudsman to a high-profile spot on the executive committee.

“It’s essential to meet the highest personal and ethical standards, and that’s something that I want to emphasize as comptroller,” Curry said.

Curry has also picked his spots and stepped in to defend the agency.

In September, former FDIC Chairwoman Sheila Bair released a book critical of Washington’s response to the 2008 financial crisis.

Among her reform recommendations: Get rid of the OCC.

“Let’s face it, the OCC has failed miserably in its mandate of adequately supervising the nation’s largest banks,” she wrote.

Curry quickly sent an agency-wide email saying he “absolutely” disagreed with Bair, who is a former colleague at the FDIC.

“You provide a valuable service to this country that is often underappreciated,” he said in the email.

On Tuesday, Curry also pushed back against criticism from Warren and others that regulators are too quick to settle with banks over misdeeds and are afraid to go to trial.

“I think our authority as a prudential bank supervisor is not always well understood,” he said in a speech while outlining why settlements are often better, including for harmed consumers.

To be sure, the changes at the agency haven’t pleased everyone.

Some employees feel Curry is trying to model the OCC too much after the FDIC — he brought in Paul Nash from the agency to be his right-hand man.

Several industry officials have complained that the foreclosure settlement was more about public relations than a fair solution.

“There’s a view that the enforcement division is becoming much more politicized,” said one former OCC lawyer.

A key test of Curry’s efforts will be an upcoming Senate report on the trading losses at JPMorgan Chase. Any findings that suggest failures by the OCC, even before Curry’s tenure, could enflame tensions anew.

But Curry says part of his rebuilding strategy is to keep his head down and not pay much heed to the naysayers.

“My focus is really forward,” he said. “What I want to do as comptroller is be clear about what our mission is and what our successes are and to be proud of that.”